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Shares Of Sonic Automotive Higher After Company Confirms Purchase Of $16.9 Million Of Its Stock

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Shares of Sonic Automotive Inc (NYSE: SAH) were trading slightly higher by 0.77 percent at $18.36 by mid-Thursday afternoon after trading as high as $18.91 earlier in the trading session.

Sonic Automotive disclosed in an 8-K filing that the company's Board of Directors repurchased approximately $16.9 million worth of its Class A common stock in a block purchase.

Following the stock purchase, approximately $82.4 million remain authorized for further share repurchases.

Shares of Sonic have lost nearly 20 percent since the start of 2016 and are lower by more than 27 percent over the past year.

Posted-In: Share Repurchases Sonic AutomotiveNews Buybacks Movers

 

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